Monday 11th November, 2019
Workday a leading provider of enterprise cloud applications for finance and human resources has reached a definitive agreement to acquire Scout RFP for consideration of approximately $540 million in cash.
With Scout RFP, Workday will provide organisations a comprehensive source-to-pay solution with a best-in-class strategic sourcing offering to transform the procurement organisation and deliver better business outcomes, including reduction in spend, greater policy compliance, and maximised engagement across key stakeholders.
Scout RFP provides an intuitive and modern cloud-based platform for strategic sourcing and supplier engagement that makes sourcing simpler, smarter, and more streamlined. Hundreds of customers use Scout RFP to source faster, drive efficiency, and maximise the value of supplier relationships.
“Scout RFP is an industry leader that is loved by procurement teams who are undergoing a significant shift to better optimise spend,” Aneel Bhusri, co-founder and CEO, Workday. “Together, we will deliver a modern source-to-pay solution that accelerates our momentum in the spend management market and expands how customers can plan, execute, analyse, and extend in one system.”
Cooley LLP is serving as legal advisor to Workday, and Fenwick & West is serving as Scout RFP’s legal advisor.
The transaction is expected to close in the fourth quarter of Workday's fiscal year, ending 31st January, 2020, subject to closing conditions and regulatory approval.